US TAX BILL IS GOING TO FUCK WITH CRYPTO TRADING
>Investors in bitcoin and other virtual currencies would lose a lucrative tax break under the Republican tax bill that’s on its way to President Donald Trump’s desk.
>New limits in the bill would bar cryptocurrency owners from deferring capital gains taxes when trading one type of virtual currency for another -- effectively closing a gray area in the tax code, experts say.
There are big names in crypto trading. Can't imagine they are happy
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New plan: create a new buffer currency not under the tax plan to back crypto currency, like sea shells
>capital gains to be taxed like any other capital gains
all capital gains were already taxable. this just makes it explicit.
Seems fair. If you cash out to buy some other investment, why should you not have to pay taxes on unearned income? It doesn't matter to me if you transfer to another crypto, it still is cashing out one investment for another.
Bottle caps are a more stable currency.
>Bottle caps are a more stable currency.
Hey there smoothskin....
>constantly being produced
yeah fuck off vidya LARPing faggot
6 gorillian kikecoins
Literally no one reports gains off of crypto. Its like if your state has a use tax for out of state purchases.
Be jelly nocoiner
Are you dumb? I'm in chats where some people trade thousands in crypto like its fucking pennies.
How have you made a capital gain trading one crypto for another? Doesn't the gain come when you cash out of crypto into government fiat?
Good.
If nothing else, it'll reduce bitcoin shitposting on pol.
how will they know if the exchange doesnt keep records?
they cant subpoena the CEO of cryptocurrency to give them detailed blockchain to blockchain stats
It's now when you trade it for another crypto, not when you cash out. you're supposed to file a 1031 for each transaction and pay short/long term capital gains.
“As this fledgling type of payment gets older and more adopted, more scaled, eventually it will get regulated,” Losi said in a telephone interview.
the author and this losi boomer that only talks on the phone should read the whitepaper
>hears about the whitepaper
>doesnt know how to plug the printer in
>gives up
the us govt is gonna start accepting crypto as payment in your lifetime
U.S. has always had to pay taxes on crypto trades. The law makes in clear the "like kind" is only for real estate. "muh like kind" wouldn't hold-up in court. The IRS hasn't pursued crypto tax evaders at this point in time. I've discussed this issue with a CPA and Tax Attorney in the past.
Dude crypto was NEVER allowed to be considered a "like kind exchange" even under existing law. You have ALWAYS had to pay tax on every single trade made. There is already software on the market that can pull your trading history from all the major exchanges and itemize it FOR YOU to file to the IRS to make it easy. This article doesnt know what its talking about. Literally NOTHING has changed regarding crypto (which is whats sad, we had hoped they would make crypto exchanges 'like kind' exchanges but they didnt, which means the status quo remains)
You have ALWAYS had to pay tax on EVERY SINGLE TRANSACTION. That is nothing new.
Every single trade is a taxable transaction.
This software helps with the tracking: cointracking.info
Anybody trading BIG money in crypto already knows this. Anyone trading small potatoes it doest really even matter, who gives a shit about your $300 gain, nobody is going to audit you over that
But who has actually done that? There is too many tax evaders.
wtf I hate Pump now?
It only matters if you gained at the end of the year, not per transaction. This is how it works for normal capital gains.
That being said the insane volatility of cryptocurrency makes it bullshit to keep track of. You could be up 400% at the end of 2018 and only up by 200% from your starting point by the end of 2019 in which case you’d likely be able to write it off as a capital loss
>use a something as currency
>act suprised when the government taxes it
>f-f-fuck drumpff
>literally doesn't know that forex traders, who trade thousands of currency pairs per month can elect to just pay IRC 1256 (60/40) split. that is an effective rate of about 23%
not fucked.
Where can I buy Hitlercoins?
>Boomers ruin crypto trading
>Boomers will blame millennials for this
The Boomer cries out in pain as he strikes (you)
This boomer can blame GenX
get the fuk offa my lawn
Nobody wants to pay for your gambling habits
You are taxed on every trade.
Example;
You buy BTC for $10,000.
BTC reaches $20,000.
You trade $20,000 of BTC for LTC.
LTC crashes to to be almost worthless.
You owe capital gains for the $10,000 that BTC increased before you traded it. You can't write off the LTC until you exchange it.
You can (legally) decrease your taxes by:
1. LIFO accounting (requires juggling multiple wallets to be bulletproof).
2. Drop your bags before the 1st to offset your gains.
3. Wait a year before trading to incur a lower-rate long term capital gains tax.
Would un-ironically buy $500 HitlerCoin